Ur-Energy (URG) Mining Forum Americas 2026 summary

Production and operating platform

• Shirley Basin lifted operational capacity by 60% to 2.2 million lb/year; licensed capacity is 4.2 million lb/year, with added Shirley Basin plant capacity needed to reach that level.

• Lost Creek has 1.2 million lb/year licensed mine capacity and 2.2 million lb/year drum capacity; Shirley Basin has 1 million lb/year capacity and sends resin to Lost Creek for processing.

• H1 2026 production was 225,000 lb; Lost Creek is ramping up as Shirley Basin operations come online.

• ISR technical reports show operating costs of $50–$55/lb; typical mine startup capital is $60–$80 million.

• Full production at Lost Creek and Shirley Basin could reach ~2 million lb/year near end-2028; this was a projection, not formal guidance.

Growth pipeline and capital plans

• Lost Soldier is ~8 miles from Lost Creek; a revised ISR technical report with full economics is planned by end-2026, updating a 2006 estimate of 14 million lb of resources.

• Lost Soldier could add ~750,000 lb/year, subject to a successful construction decision; regional consolidation is expected to support further growth beyond the two operating hubs.

• North Hadsell is greenfield; 13 of 33 holes drilled in 2026 intersected ore-grade uranium mineralization.

• Department of Energy funding could be explored for Lost Soldier if a positive construction decision is made; existing operations have not required new-operation construction financing.

• Capital structure: 400 million shares outstanding, 85% institutional ownership, and enCore Energy holds 6%.

Market and industry outlook

• The presentation cited 438 operating reactors, 79 under construction, and 435 in planning or proposed stages worldwide.

• A Goldman projection cited a 1.8 billion lb uranium deficit over the next 20 years, alongside declining mine production and growing demand.

• Uranium term prices rose from the high $70s in July 2025 to the high $90s by the event; utility discussions are shifting from price toward supply certainty.

• ISR operations primarily use labor and electricity; labor inflation is the main cost pressure, while low reagent use and limited diesel exposure temper other inflation risks.

• The stated U.S. reshoring opportunity draws on historical domestic output of 20–30 million lb/year through the 1980s and a current push to rebuild supply chains.